EUR/GBP to suffer a deep downturn toward the 0.86 mark – Credit Suisse

EUR/GBP is already below key support from its lows for the year and 200-Day Moving Average (DMA) to suggest a top is already in place here, analysts at Credit Suisse report.

Resistance at 0.8770 set to cap

“EUR/GBP has broken key support from the series of lows for the year at 0.8729/18 as well as its 200-DMA to mark a top. We look for this to act as the catalyst for a more concerted downturn with support seen initially at 0.8648/40 ahead of the uptrend from early 2022, now at 0.8603. Whilst we would look for this to hold initially, we look for a break in due course for the ‘measured top objective’ at 0.8455.”

“Resistance at 0.8770 now ideally caps.”